| CITY PLANTATION HAZARDS SPARK KNYSNA 2017 INFERNO FEARS |
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(ltr) A Sappi-managed plantation (left) contrasts starkly with the neglect of some of the city’s forests and the absence of fire breaks that pose a mounting fire hazard to numerous properties.
Msunduzi Municipality’s forestry woes have deepened amid failures to meet Forest Stewardship Council (FSC) standards, risking the loss of lucrative markets that require FSC-certified timber. A scathing internal audit revealed Safcol, the state-owned contractor managing the plantations, lacked the expertise and due diligence needed, with no revenue generated since August 2023. Safcol failed to submit financial reports, showing a R2.5 million deficit despite projected income of R2.1 million.
The audit also highlighted inadequate fire prevention and no FSC-compliant timber management, jeopardizing both environmental standards and market access, as uncertified timber is often rejected by buyers. The deterioration of the city’s plantations has sparked fears of the catastrophic fires in Knysna in 2017, apart from the accumulating losses of municipal assets. |
| TRUMP’S THREAT TO INDIA EXPOSES BRICS SOFT UNDERBELLY |
| President Donald Trump’s threat to impose an additional 10% tariff on India for its BRICS affiliation complicates the Asian nation’s efforts to finalise a trade deal with the US. While Trump’s labelling BRICS as “anti-American” is part of the “make America great” rhetoric, it nevertheless exposes the divisions and contradictions among the full 11 members of the bloc and its ambitions to provide alternative global leadership. |
| ROLL UP FOR A COSMICALLY COOL WOMEN IN BUSINESS LUNCH |
| Get ready for an unforgettable afternoon at the Pietermaritzburg and Midlands Chamber of Business Women in Business Luncheon on August 1st at Maritzburg College! This signature event blends inspiration, networking, and celebration. The highlight: keynote speaker Ntsiki Biyela, an internationally acclaimed winemaker and director of an award-winning estate, who will share her remarkable journey from humble beginnings to global success. Guests are invited to dress to this year’s uplifting theme: Catch a Falling Star and Shoot for the Moon!” — think Awesomely Astral or Cosmically Cool. Enjoy a delicious lunch, flowing wine, great company, and fabulous lucky draw prizes. To book or for more information, contact Heidi on (033) 3452747 or at pmcb@pmcb.org.za |
1985: The Greenpeace ship Rainbow Warrior was sunk, killing photographer Fernando Pereira. French government operatives were responsible for the incident.
Elsewhere, in 2019, the last VW Beetle rolled off the assembly line, ending an era going back to 1938.
Today is dedicated to an iconic Middle Eastern delicacy, on World Kebab Day. |
GODONGWANA URGES CAUTION AGAINST INFLATION-TARGET CLAMOUR
Finance Minister Enoch Godongwana reaffirmed that the authority to set South Africa’s inflation-targeting policy rests with the Finance Ministry, in consultation with the South African Reserve Bank (SARB), but stressed no hasty decisions would be made. Speaking during his Budget Vote address, Godongwana emphasized the need for careful technical and political engagement before adjusting the current 3%–6% target band. His comments follow renewed calls by SARB Governor Lesetja Kganyago to lower the target, possibly to 3%, amid advanced technical work.
Some reports suggest a new inflation target may be implemented as soon as this month at the SARB's policy meeting at end July. While South Africa’s inflation dropped to 2.8% in May, Godongwana warned policy shifts must reflect broader social and economic realities. (SOURCE: Engineering News)
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REGULATOR ON R200 MILLION MISSION AGAINST CRYPTO SCAMS
South Africa’s Financial Sector Conduct Authority (FSCA) is ramping up efforts to tackle online financial scams, committing R200 million over the next 18 months to enhance its regulatory oversight. This marks the FSCA’s largest IT overhaul yet, aimed at boosting surveillance and enforcement, particularly around crypto-related fraud. Commissioner Unathi Kamlana said the agency will grow its staff from 680 to over 700, with specialist hires focusing on digital assets. Online scams have surged, including a 1,200% rise in deepfake cases. The FSCA is responding to past major frauds like Africrypt and Mirror Trading International, and believes tougher oversight is already yielding results, as reflected in reduced fine levels year-on-year.(SOURCE: Bloomberg) |
KZN TO PILOT RETURNABLE 2-LITRE COKE BOTTLES
KZN has been selected as a pilot site for Coca-Cola Beverages South Africa’s (CCBSA) rollout of 2-litre returnable PET bottles - RefPET - aimed at reducing plastic waste and making soft drinks more affordable. Also launched in Soweto, the initiative encourages consumers to return empty bottles for a refill at just R15, excluding a refundable R9 deposit. CCBSA has begun distributing free bottles via local brand ambassadors to educate communities. With a distinct green "Returnable" label, the bottles can be reused multiple times before being recycled. The programme supports spaza shops and small retailers, helping to ensure accessibility and sustainability. (SOURCE: Bizcomunity) |
EMPLOYMENT EQUITY QUOTAS HEAD FOR COURT
Sakeliga and the National Employers' Association of South Africa (Neasa) have filed an urgent court application to halt the implementation of the 2025 Employment Equity numerical quotas. The quotas, affecting 18 sectors, require companies with 50 or more staff to match national race and gender demographics across top job levels or face penalties. The legal action challenges both the constitutionality and legality of the quotas, citing flawed procedures, lack of consultation, and absence of socioeconomic assessments. The organisations argue that forced compliance will cause irreversible harm to employers, employees, and the broader economy if implemented from September 1. (SOURCE: Engineering News) |
PUBLIC WORKS KEEN TO CUT R6 BILLION BILL ON PROPERTY RENTALS
Public Works Minister Dean Macpherson plans to overhaul how government uses and manages its property portfolio, aiming to migrate departments spending R6 billion annually on private leases back to State-owned buildings. Central to the plan is restructuring the underperforming Property Management Trading Entity into a revenue-generating, investable entity. Managing over 88 000 buildings and five million hectares of land, the entity will now adopt a return-on-investment approach. Legislative amendments will enable modern asset use and development partnerships. Investigations into failed projects, like the Telkom Towers deal, continue. Macpherson also proposed formalising Infrastructure South Africa as a central hub for national infrastructure projects. (SOURCE: Engineering News) |
RAW WATER TARIFFS UNDER DISCUSSION
The Department of Water and Sanitation has launched public consultations on proposed raw water tariffs for the 2026/27 financial year. The process aims to ensure that the costs of managing and maintaining South Africa’s water resources are equitably recovered from users across sectors including mining, agriculture, energy, industry, and domestic supply. Tariffs cover water resource management, infrastructure costs, and a water research levy. Determined annually under the Raw Water Pricing Strategy, these charges help fund critical activities like water quality monitoring, infrastructure repairs, and research. Sector-specific consultations with key organisations are also planned before final proposals are submitted for ministerial approval. (SOURCE: Engineering News) |
CHERY SA EYES ASSEMBLY PLANT AHEAD OF NEW-MODEL LAUNCH
Chery South Africa is conducting a feasibility study on establishing a local vehicle assembly plant, exploring options such as contract manufacturing, joint ventures, and greenfield investment. Driven by strong local sales - around 3 000 units monthly across its brands - Chery says local production would improve cost efficiency and reduce import reliance. Currently in Phase 2 of the study, the company is evaluating supplier capacity and regulatory compliance. Discussions with the government are under way, with the aim of building a foundation for long-term growth and potential exports. Chery plans to expand its product range, including new hybrids, plug-in hybrids, and a pickup model in 2026. (SOURCE: Engineering News) |
US ENVOY TO SKIP G20 FINANCE MEETING IN SA
US Treasury Secretary Scott Bessent will skip next week’s G20 finance ministers and central bank governors meeting in South Africa, opting instead to attend the US national day at the World Expo 2025 in Osaka, Japan. This marks the second G20 meeting in SA he has missed this year, despite the country holding the G20 presidency. Acting Undersecretary Michael Kaplan will represent the US. Bessent’s absence follows escalating tensions between the US and South Africa, including President Trump’s threats of funding cuts and new 30% tariffs on SA imports. Several other G20 nations also skipped previous SA meetings amid global trade frictions. (SOURCE: Reuters) |
DBSA, CHINA BANK INKS R5.2 BILLION INFRASTRUCTURE DEAL
The Development Bank of Southern Africa (DBSA) and China Development Bank (CDB) have signed a $293 million (about R5.2 billion) loan agreement to fund key infrastructure projects across Africa. The deal, finalised on July 8 during the BRICS Interbank Cooperation Mechanism meeting in Brazil, will support energy, ICT, water, health, and manufacturing initiatives. It marks the first financing collaboration between the two banks and aligns with China’s “Ten Major Partnership Actions” announced at the 2024 China-Africa Cooperation Summit. DBSA CEO Boitumelo Mosako called it a step toward building sustainable infrastructure, while CDB president Tan Jiong said it ushers in a new phase of cooperation. (SOURCE: Engineering News) |
LESOTHO ECONOMY TO SUFFER R4.2 BILLION TARIFF BLOW
Lesotho’s economy is reeling after the Trump administration imposed a 50% tariff on its exports to the US- the highest of any country so far. The move threatens the textile and apparel sector, which employs up to 40,000 workers and accounted for over $237 million (about R4.2 billion) in exports last year under the African Growth and Opportunity Act (AGOA). Orders from US brands like Levi’s and Wrangler have plummeted, prompting factory closures and fears of mass job losses. Trade Minister Mokhethi Shelile called the tariffs a “potential death blow.” Aid cuts and reduced foreign exchange earnings further threaten Lesotho’s already fragile economy. (SOURCE: Reuters) |
ZIM GOLD CURRENCY RESERVES AT R13 BILLION HIGH
Zimbabwe’s gold and foreign-currency reserves supporting its new bullion-backed currency, the ZiG (Zimbabwe Gold), rose to a record $731 million (about R 13 billion) in June, up from $639 million in May and $276 million in April 2024, the central bank announced. The ZiG was introduced last year to replace the collapsing Zimbabwean Dollar, marking the country’s sixth attempt to stabilise its currency amid decades of economic mismanagement. Authorities aim for the ZiG to eventually replace the US dollar, which has served as a parallel currency since 2009. The increase in reserves signals renewed efforts to restore confidence in the country’s monetary system. (SOURCE: Bloomberg) |
SURGING BITCOIN PUSHES TOWARDS RECORD R2 MILLION MARK
Bitcoin surged past $112 000 (about R1.99 million) for the first time, rising 3.1% amid a broad risk-asset rally driven by strong institutional demand. Its nearly 20% gain this year is supported by equity market vehicles like ETFs and digital-asset treasuries, according to Spencer Hallarn of GSR. Despite President Trump’s new tariff threats, crypto bulls are optimistic, betting on regulatory easing and continued momentum. Nvidia’s surge helped push the S&P 500 near record highs, fueling investor enthusiasm. While volatility remains, traders are bullish, with short-dated options signaling optimism around $115 000 to $120 000 strike levels. Bitcoin benefits from both safe-haven appeal and risk-on momentum in a shifting macroeconomic landscape. (SOURCE: Bloomberg) |
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Failure is simply the opportunity to begin again, this time more intelligently.
Henry Ford |
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| Dollar | R17.74 | + 0.51% | | Pound | R24.14 | + 0.14% | | Euro | R20.81 | + 0.43% | | Yen | 0.121409 |
| | Yuan | R2.47 | + 0.48% | | Bitcoin | R111 200.10 | + 0.29% |
These rates are correct at time of going to press. | | Platinum | $ 1 352.50
| - 1.02% | | Gold | $ 3 324.81
| + 0.24% | | Oil | $ 70.22
| + 0.19% | | All Share | 97 230.13
| - 0.03% | | Repo | 7.25 | | | Prime | 10.75 | |
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